Cradle also sealed a grant co-investment deal with Singapore-based Golden Gate Ventures in June last year.

The new partners collectively bring in RM14.35mil into the co-investment partnership. In addition to RM14mil raised last year from previous partners and a matching contribution from Cradle, the partners have raised a total of RM56.7mil to support Malaysian technology start-ups of high calibre.

Nazrin Hassan, Cradle Chief Executive Officer said the working relationship with the new partners will further give Malaysian technology start-ups the extra edge as they prepare to compete at a global level.

“We are elated to bring five new partners on-board. This co-investment partnership takes our relationships to a whole new level. Being seasoned investors, our new partners will also give us additional insights and experience in investing in start-ups which Cradle may not currently have,” he said.

Nazrin also sees Cradle’s expansion into co-investment as one of the steps for attracting foreign investors, especially venture capitalists and angel groups, to invest in technology business deals in Malaysia.

“This will be an added advantage for our entrepreneurs who are seeking to raise further funds to support their business growth as they will not have to venture across Malaysian shores to seek for investors. It is also hoped that with a larger pool of discerning foreign investors, it will encourage our Malaysian entrepreneurs to be more global in their approach and market access,” he said.

Nazrin added that the co-investment partnership is also done in preparation for the gradual reduction of government grants towards supporting early stage start-ups.

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“This is one way Cradle can continue supporting highly talented technology entrepreneurs realise their dreams for success,” he said.

Nazrin said Cradle plans to channel 70% of its funding allocation to co-investing initiatives by 2017 and retain only 30% for direct grants. It aims to forge co-investment partnerships with 21 local and global investors.

In its 10-year history, Cradle has funded almost 700 Malaysian technology start-ups through its CIP Catalyst product development grant and its CIP500 product commercialisation grant.

Funded companies include taxi booking mobile application, MyTeksi, financial planning website, Intelligent Money, infographic design web tool, Piktochart and hypoglycaemic-shock alert bracelet, Hypoband. It also has a commercialisation rate of 58%, deemed to be the highest among all government grant agencies.

Please note that Cradle has never appointed any agent or representative to act on our behalf.
If you have been approached by any party,
who claims to be the representative or agent appointed by Cradle,
who claims to be able to facilitate or guarantee in securing grants/funds from Cradle,
whether in return for a fee/favour or otherwise OR if you have doubts about the authenticity and
credibility of such party, please contact the Management immediately.